NIO Inc. Reports Unaudited Third Quarter 2023 Financial Results
NIO Inc., a pioneer and a leading company in the premium smart electric vehicle market, today announced its unaudited financial results for the third quarter ended September 30, 2023.
Operating Highlights for the Third Quarter of 2023
- Vehicle deliveries were 55,432 in the third quarter of 2023, consisting of 37,585 premium smart electric SUVs and 17,847 premium smart electric sedans, representing an increase of 75.4% from the third quarter of 2022, and an increase of 135.7% from the second quarter of 2023.
| Key Operating Results | ||||
| 2023 Q3 | 2023 Q2 | 2023 Q1 | 2022 Q4 | |
| Deliveries | 55,432 | 23,520 | 31,041 | 40,052 |
| 2022 Q3 | 2022 Q2 | 2022 Q1 | 2021 Q4 | |
| Deliveries | 31,607 | 25,059 | 25,768 | 25,034 |
Financial Highlights for the Third Quarter of 2023
- Vehicle sales were RMB17,408.9 million (US$2,386.1 million) in the third quarter of 2023, representing an increase of 45.9% from the third quarter of 2022 and an increase of 142.3% from the second quarter of 2023.
- Vehicle marginii was 11.0% in the third quarter of 2023, compared with 16.4% in third quarter of 2022 and 6.2% in the second quarter of 2023.
- Total revenues were RMB19,066.6 million (US$2,613.3 million) in the third quarter of 2023, representing an increase of 46.6% from the third quarter of 2022 and an increase of 117.4 % from the second quarter of 2023.
- Gross profit was RMB1,523.3 million (US$208.8 million) in the third quarter of 2023, representing a decrease of 12.2% from the third quarter of 2022 and an increase of 1,650.9% from the second quarter of 2023.
- Gross margin was 8.0% in the third quarter of 2023, compared with 13.3% in the third quarter of 2022 and 1.0% in the second quarter of 2023.
- Loss from operations was RMB4,843.9 million (US$663.9 million) in the third quarter of 2023, representing an increase of 25.2% from the third quarter of 2022 and a decrease of 20.3% from the second quarter of 2023. Excluding share-based compensation expenses, adjusted loss from operations (non-GAAP) was RMB4,240.4 million (US$581.2 million) in the third quarter of 2023, representing an increase of 30.1% from the third quarter of 2022 and a decrease of 22.4% from the second quarter of 2023.
- Net loss was RMB4,556.7 million (US$624.6 million) in the third quarter of 2023, representing an increase of 10.8% from the third quarter of 2022 and a decrease of 24.8% from the second quarter of 2023. Excluding share-based compensation expenses, adjusted net loss (non-GAAP) was RMB3,953.2 million (US$541.8 million) in the third quarter of 2023, representing an increase of 13.0% from the third quarter of 2022 and a decrease of 27.4% from the second quarter of 2023.
- Cash and cash equivalents, restricted cash, short-term investment and long-term time deposits were RMB45.2 billion (US$6.2 billion) as of September 30, 2023.
| Key Financial Results for the Third Quarter of 2023 | |||||||||||
| (in RMB million, except for percentage) | |||||||||||
| 2023 Q3 | 2023 Q2 | 2022 Q3 | % Changeiii | ||||||||
| QoQ | YoY | ||||||||||
| Vehicle Sales | 17,408.9 | 7,185.2 | 11,932.7 | 142.3% | 45.9% | ||||||
| Vehicle Margin | 11.0% | 6.2% | 16.4% | 480bp | -540bp | ||||||
| Total Revenues | 19,066.6 | 8,771.7 | 13,002.1 | 117.4% | 46.6% | ||||||
| Gross Profit | 1,523.3 | 87.0 | 1,735.1 | 1,650.9% | -12.2% | ||||||
| Gross Margin | 8.0% | 1.0% | 13.3% | 700bp | -530bp | ||||||
| Loss from Operations | (4,843.9) | (6,074.1) | (3,870.3) | -20.3% | 25.2% | ||||||
| Adjusted Loss from Operations (non-GAAP) | (4,240.4) | (5,464.1) | (3,258.4) | -22.4% | 30.1% | ||||||
| Net Loss | (4,556.7) | (6,055.8) | (4,110.8) | -24.8% | 10.8% | ||||||
| Adjusted Net Loss (non-GAAP) | (3,953.2) | (5,445.7) | (3,498.9) | -27.4% | 13.0% | ||||||
Recent Developments
Deliveries in October and November 2023
- NIO delivered 16,074 vehicles in October 2023 and 15,959 vehicles in November 2023. As of November 30, 2023, cumulative deliveries of NIO vehicles reached 431,582.
Completion of Offering of Convertible Senior Notes Due 2029 and 2030
- In September and October 2023, the Company completed an offering of US$575 million aggregate principal amount of 3.875% convertible senior notes due 2029, and US$575 million aggregate principal amount of 4.625% convertible senior notes due 2030 (the “Notes Offering”). Shortly after the pricing of the notes, the Company purchased, in separate privately negotiated transactions effected through one of the initial purchasers and its affiliates, approximately US$256 million aggregate principal amount of the Company’s outstanding 0.00% convertible senior notes due 2026 and approximately US$244 million aggregate principal amount of the Company’s outstanding 0.50% convertible senior notes due 2027 for cash, using the net proceeds from the Notes Offering. The Company plans to use the remainder of the net proceeds from the Notes Offering mainly to further strengthen its balance sheet position as well as for general corporate purposes.
Manufacturing Equipment and Assets Acquisition
- On December 5, 2023, the Company entered into definitive agreements with Anhui Jianghuai Automobile Group Corp., Ltd. (“JAC”) regarding the acquisition of certain manufacturing equipment and assets. JAC is a major state-owned automobile manufacturer in China that currently jointly manufactures with NIO all of NIO’s current vehicle models. Pursuant to the definitive agreements, the Company will acquire the manufacturing equipment and assets of the first advanced manufacturing base and the second advanced manufacturing base from JAC for a total consideration of approximately RMB3.16 billion, excluding tax.
Launch of the All-New EC6
- On September 15, 2023, NIO launched and started deliveries of the All-New EC6, a smart electric coupe SUV.
ESG Report
- On September 25, 2023, NIO released its 2022 Environmental, Social, and Governance (ESG) report, illustrating the Company’s ESG practices and accomplishments in sustainable development.
Appointment of Independent Director
- On November 13, 2023, NIO appointed Professor Yonggang Wen as a new independent director to the Company’s board of directors.
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